You Won’t Believe Which Blockchain Giant Just Got Liquidated in Singapore 🤯

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And so—against the humid, indifferent gray of Singapore—the High Court’s gavel resounded not so much with justice as with a certain weary inevitability. Sonic Labs, an institution perhaps best known for a name change that confused as much as it clarified, had set in motion the winding up of the Multichain Foundation. Why? To recover funds lost in 2023—a year so recent, the echo of that hack could still be heard in every chain-afflicted forum, usually punctuated by sighs and memes of despair. 💸

On the 9th of May, Judge Kwek Mean Luck—an ominous name for anyone trying their luck with the law—looked upon the scene and, in what must have been one of those typical government building moments, fulfilled Sonic Labs’ request. The Foundation, which had already become something of a ghost, was declared bankrupt. KPMG, that global behemoth of auditing and solemn suits, was called to preside over the ashes. The job of sifting through scattered wallets was now theirs.

Michael Kong, Sonic Labs CEO, remarked on X (as if Twitter, too, needed rebranding from the stress), that the lawsuit was a last resort. Management, he claimed, was hiding like children playing tag on a rainy day—except in this case, the losers were not just “it,” but everyone who had entrusted their assets to the Foundation. “Uncooperative” didn’t quite cover it, but perhaps “vanished behind a curtain of confusion and bad faith” wasn’t legalese enough. 🕵️

“The liquidators, now blessed by the Court, can start looking for your loot,” Kong declared, doggedly optimistic, as if hunting for funds through the blockchain wastelands was a game of hide-and-seek, and not forensic accounting with a side of existential dread.

Way back in July 2023—that fever dream of crypto disasters—the Multichain Foundation sprang an unruly leak. Wallets emptied across Fantom, Ethereum, BNB, Cronos, Polygon. A hack, apparently. Or a getaway, depending which side of the glass you’re looking from. The losses, according to Beosin and Fantom’s very official, very grim report: at least $210 million. A price tag worthy of a digital Dostoevsky novella—if only the auditors wrote fiction.

Wind up action followed legal win 

January of 2024, the Court let out a wry chuckle—at least one imagines so—and granted Sonic Labs a legal landslide: a default judgment for breach, fraud, all the usual accusations when money vanishes faster than the morning mist. $122 million, they said, as if the numbers might as well be lottery tickets for all anyone would ever see of them again.

By March, the legal win had become a cudgel to batter the undead Foundation, dragging it toward a Chapter 7 fate—liquidation, redistribution, perhaps a few cents on the dollar for those left behind. Sonic Labs didn’t forget the others, either: if you, too, were a victim, perhaps you might get to open a claims form soon. That’s about as close to catharsis as crypto gets.

Multichain, for its part, didn’t fight. How could it? July 2024 arrived and so did insolvency, then silence. Its CEO, one Zhaojun—who, if nothing else, had a talent for timing—was last seen in the hands of Chinese police. In another world, there would be a punchline. Here, only another blockchain with a tombstone, and an audit firm to write its epitaph. ⚰️

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2025-05-15 09:17